|23 October, 2019

Saudi telecom’s net profit grow 9% in 9 months

Net profits after zakat and tax increased by 4%

Photo used for illustrative purpose. A Saudi man looks at his mobile phone in front of a Saudi Telecom sign in Riyadh.

Photo used for illustrative purpose. A Saudi man looks at his mobile phone in front of a Saudi Telecom sign in Riyadh.

REUTERS/Zainal Abd Halim
Riyadh – Mubasher: Saudi Telecom Company (STC) reported its interim financial results for the third quarter of 2019.

Net profits after zakat and tax increased by 4% to SAR 2.75 billion in Q3-19, compared to SAR 2.64 billion in Q3-19, according to a bourse filing on Tuesday.

Revenues of the telecom provider stood at SAR 794 million during the three-month period ended September, from SAR 724 million in September 2018.

For the first nine months of 2019, STC’s profits jumped by 8.7% to SAR 8.34 billion, versus SAR 7.67 billion in the same period a year ago.

As for revenues, they levelled up 6.1% year-on-year to SAR 41 billion by the end of September.

Source: Mubasher

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